Quarterly report pursuant to Section 13 or 15(d)

Commitments, Significant Contracts and Contingencies Management and Service Agreements

v3.20.4
Commitments, Significant Contracts and Contingencies Management and Service Agreements
3 Months Ended
Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Significant Contracts and Contingencies Management and Service Agreements

 

17.

Commitments, Significant Contracts and Contingencies Management and Service Agreements:

 

As at November 30, 2020, the Company is party to the following contractual commitments:

 

 

 

Party

Monthly Commitment

Expiry Date

C.A.B Financial Services

CAD $29,706

January 1, 2022

Docherty Management Ltd.

CAD $25,609

January 1, 2022

M&E Services Ltd.

CAD $13,997

June 1, 2021

Corporate Development

CAD $1,500

Month to Month

Office Management

CAD $10,800

August 15, 2022

Research & Development

CAD $3,854

Month to Month

Office operating lease(1)

CAD $4,823

November 15, 2023

 

 

Right of Use Assets - Operating Lease

 

 

(1)

Corporate office and R&D lab space leased in Kelowna, British Columbia, Canada until November 15, 2023 with an option to extend an additional five years. In addition to minimum lease payments, the lease requires us to pay property taxes and operating costs which are subject to annual adjustments.

 

Right of use assets - operating leases:

 

$

 

November 30, 2020

 

 

126,920

 

Amortization

 

 

(8,727 )

Total right of use assets

 

 

118,193

 

Liabilities:

 

 

 

 

November 30, 2020

 

 

125,431

 

Lease payments

 

 

(10,987 )

Interest accretion

 

 

2,220

 

Total lease liabilities

 

 

116,664

 

Operating lease cost as at November 30, 2020

 

$ 118,193

 

Operating cash flows for lease

 

 

10,948

 

Remaining lease term

 

2.8 Years

 

Discount rate

 

 

7.25 %

 

Pursuant to the terms of the Company s lease agreements in effect, the following table summarizes the Company s maturities of operating lease liabilities as of November 30, 2020:

 

 

 

 

 

2021

 

 

32,746

 

2022

 

 

44,815

 

2023

 

 

44,815

 

2024

 

 

7,469

 

Thereafter

 

 

 

Total lease payments

 

 

129,845

 

Less: imputed interest

 

 

(13,181 )

Present value of operating lease liabilities

 

 

116,664

 

Less: current obligations under leases

 

 

(36,695 )

Total

 

 

79,969